Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During its first calendar year, the firm earned $324,000.

Required:

Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $324,000 net income under each of the following separate assumptions.

1. The partners did not agree on a plan, and therefore share income equally.

Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits